Meryl Streep has won the Oscar for best actress at the Academy Award ceremony currently taking place at the Kodak Theatre in Hollywood. Streep was the runaway favourite for the award, in which she was nominated for her role as Margaret Thatcher in The Iron Lady.

Streep saw off a field containing fellow veteran Glenn Close, as well as younger actors Viola Davis, Rooney Mara and Michelle Williams. This is the second time Streep has won the best actress Oscar, after winning in 1983 for Sophie's Choice, and has been nominated a further 11 times. She also won a best supporting actress award for Kramer vs Kramer in 1980.

The Iron Lady, in which Streep plays the former British prime minister, has been heavily criticised for its portrayal of Thatcher as a woman in the grip of dementia, as well as the manner in which it avoided much in the way of political history. Streep has already won a Bafta and Golden Globe for the role.